Satellite radio - XM or Sirius?

They started XM. See press release below. CC name is not all over XM but it's presence is felt at the stations.


Rest of release here
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CLEAR CHANNEL, DIRECTV, GENERAL MOTORS & A PRIVATE INVESTMENT GROUP TAKE COMBINED $250 MILLION STAKE IN XM SATELLITE RADIO

Strategic Alliance to Pursue $2 Billion Emerging Satellite Radio Market XM Also Inks Exclusive Agreement to Provide Service in GM Vehicles

National, June 08, 1999 -- Clear Channel Communications Inc.; DIRECTV, Inc., a unit of Hughes Electronics Corporation; The General Motors Corporation; and a private investment group comprised of Columbia Capital, Telcom Ventures L.L.C., and Madison Dearborn Partners hit the accelerator on the emerging satellite radio market by making a $250 million combined investment commitment in XM Satellite Radio Inc. The announcement was made today by Hugh Panero, President and CEO of XM.

XM is a revolutionary new band of radio that will capitalize on direct satellite-to-receiver broadcasting technology to provide listeners in the car and at home with up to 100 channels of music, news, and entertainment available coast-to-coast with digital-quality sound. C.E. Unterberg, Towbin recently estimated the market for satellite radio to be over $2 billion by 2005.

"XM is thrilled to announce this dream-team alliance with General Motors, DIRECTV, and Clear Channel, the largest car manufacturer, the largest direct broadcast satellite company, and one of the largest and most profitable radio groups in the United States," said Hugh Panero, "as well as entrepreneurial investors like Columbia Capital, Telcom Ventures and Madison Dearborn Partners with their vast experience in the telecommunications sector."

"Our business is delivering satellite digital radio primarily to the car where most radio listening is done, and these companies with their respective expertise in the automotive, direct broadcast satellite, telecommunications, and radio businesses give new meaning to the term strategic partner," Panero added.

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